A lot of people go through financial challenges at one point or another. The situation can seem hopeless when faced with crippling debt. The ominous prospect of losing everything is never far from your mind. You do not have to lose your dignity to creditors though. Bankruptcy provides a vital lifeline for many struggling Americans. It is a way of discharging debt or coming up with a repayment plan so you can pay it back over a convenient period. Well-known singer Dionne Warwick was recently saved from the wrath of the taxman by the bankruptcy court.
Although the United States generally is witnessing an easing of the mortgage foreclosure crisis, as we have recently discussed recent statistics show that New Jersey remains somewhat mired in it. Foreclosure activity in the state in February was twice what it was one year prior and the state ranks fourth in the number of vacant home foreclosures, according to recent statistics.
After seven years of slogging through record numbers of foreclosures, there may be a light at the end of the tunnel for the New Jersey court system—and for struggling homeowners. New Jersey court officials are making strides unclogging a backlog of foreclosure cases and sorting through all of the twists and turns in cases that may involve foreclosure fraud and “robo-signing.”
A recent trend in legal matters has been the growth of the do-it-yourself industry and non-lawyers helping people prepare legal forms and documents. In some very simple legal matters, this may be sufficient. But some areas of law require more expertise and experience. Debt relief through bankruptcy is considered by some in New Jersey as one of those areas.